Market Research: Seven Tenths of People Helping Pay for US College Worried about Financial Burden

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30th July 2013 11:56 - Education

GfK North America recently conducted a US nationwide survey for MainStreet, a leading digital financial media company. Research findings show that one in three adults is currently helping or planning to help pay for a child’s higher education, and that seven tenths (71%) are worried about how they will cover the costs.

The survey looked deeper into how US families are pulling together to save for a child’s higher education. Of the respondents, four fifths (79%) are parents, a tenth (10%) are grandparents, whilst fewer than one twentieth (4%) are aunts/uncles.

When asked about mediums used to save for a child’s education, over half (53%) opted for a savings account, a third (31%) used a type of investment, a quarter (24%) decided upon the 529 savings plan (a tax-free investment vehicle) or prepaid tuition plan, whilst those who chose life insurance (14%) and Roth IRA (11%) represented a little over a tenth of respondents.

Ross Kenneth Urken, TheStreet Personal Finance Editor and MainStreet Editor said:

"The real challenge is for these people to figure how to face the increasing severity of the student debt crisis by either saving more or finding less expensive options when it comes time to pick a school."

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